TN Livestock Trust (Private) Limited (TN) is set to re-open a cattle bank in Featherstone, in a move that will recognise cattle as a bankable asset.
In a notice, TN — named after its founder, financier and social innovator Tawanda Nyambirai — said a minimum of $25 million will be set aside at Steward Bank Limited from which cattle depositors will be able to borrow.
According to the concept initiated in 2013, farmers seeking loans deposit their livestock with the trust, which is then placed on farms managed by experts.
“We shall be reopening for cattle deposits at our Featherstone Farm from May 1, 2019. Bank your cattle with us and in return be issued with a certificate of deposit that will give you access to loans.
“For breeding stock, the minimum deposit period is five years from date of deposit or the date a heifer reaches two years of age. For depositing your beef stock with us, you will be entitled to interest at 10 percent per annum on the value of the deposit from the date of deposit or, in relation to calves, from the date the calves reach two years of age,” the company said. DailyNews